National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 1 - Ending of credit contract by debtor etc.  

Subdivision B - Ending of reverse mortgage by credit provider receiving value of reverse mortgaged property  

86C  

86C   Credit provider must pay debtor excess of receipt over adjusted market value for reverse mortgaged property  

If the amount received by the credit provider exceeds the adjusted market value for the reverse mortgaged property, the credit provider must pay the excess to the debtor.

Note 1:

If the credit provider contravenes this requirement, the court may order the credit provider to compensate anyone affected by the contravention: see section 124.

Note 2:

This section does not apply in some cases: see section 86E.